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Pfizer forecasts 2024 revenue below Wall Street expectations
New York: Pfizer on Wednesday forecast 2024 revenue that was below Wall Street expectations and raised its cost-cut target by $500 million.
The U.S. drugmaker expects its annual revenue to be in the range of $58.5 billion to $61.5 billion compared with analysts' average estimate of $63.17 billion. It includes the contribution from sales of Seagen's products.
Sales of Paxlovid and the vaccine Pfizer makes with German partner BioNTech had boosted revenue over the last two years, helping it generate more than $100 billion in 2022.
But a drop in annual vaccination rates and demand for the treatments have forced the company to launch a program in October to cut jobs and expenses to save as much as $3.5 billion.
The company, which employs roughly 83,000 employees globally, in November cut 500 jobs at its Sandwich, Kent site in the UK.
Read also: Pfizer Marstacimab regulatory submissions for treatment of Hemophilia A and B accepted by USFDA, EMA
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751